Flamboyant Virgin Group owner Richard Branson has decided to re-enter the media business via the glossy electronic magazine Project, which is exclusively intended for the iPad and purportedly targeting millions of audience currently owning the now ubiquitous Apple gadget.

Speaking to reporters who attended the magazine's Manhattan launch, Branson said on Tuesday that the new e-magazine is a joint venture of Virgin Group and British publishing firm Seven Squared and would be made available through Apple's online store App Store for $US2.99 per issue.

He said that the interactive publication aims to efficiently utilise the power of online advertisement, allowing iPad users more options in exploring the magazine and one of them is playing with the adverts set to be carried by the Project.

The Project's unveiling came ahead of the planned December release of Rupert Murdoch's The Daily, a digital newspaper also intended for iPad users, which raises speculations that Branson pre-empted Mr Murdoch's new offering and could be starting a media competition with the News Corporation owner.

Branson, however, dismissed the talks as he reasoned out that his latest move merely offers innovative options for iPad users around the world while at the same time establishing a fair bit of competition in the emerging electronic media industry.

Project editor-in-chief Anthony Noguera told AFP that the new publication would mostly focus on agenda-setting stories and personalities and would feature articles that the magazine's editorial team believe could push forward ideas that reshapes the world.

Project's maiden issue will carry stories about actor Lloyd Bridges and Japanese Gran Turismo creator Kazunori Yamauchi, who both described by Mr Noguera as non-household names though they ought to be.

While the magazine's editorial board is conceding that much news is freely available online, Noguera expressed confidence that the Project is still a viable internet venture despite its relatively premium price.

He told AFP that consumers would be wiling enough to pay for quality publications such as the Project, which he pointed out "is an expensive product to make."

The new e-magazine would be initially offered to iPad users only though the publication's management has revealed that works are now underway to also make the Project available for iPhone owners and other tablet computers over the next few months.